Industrial construction up: Largest projects ranked

More new industrial space will open in 2018 than in any year this past decade, and the brisk pace of development should continue into the future. An estimated 2.43 million square feet of space is under construction, with 1.6 million expected to open this year, according to a report by JLL. That represents 62 percent of all construction activity and is up sharply from 2017.

But despite the increase, the projects under construction still represent less than 2 percent of the current inventory. With vacancy at 4.2 percent and rates rising, most developers expect their new offerings to meet an eager market.

Most of that market is warehouse and distribution clients, such as Amazon, which leased 180,946 square feet in Rancho Bernardo in the late summer. It was the largest industrial lease in 2017. Atlas Freight leased 99,800 square feet in Otay Mesa around the same time.

The majority of current construction, 61%, is in North County. This includes several projects in the Carlsbad Oaks North master planned development: